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14 Aug 2013
NZD/USD surrenders gains from better NZD data; more downside ahead?
FXstreet.com (Barcelona) - After an initial pop following strong retail sales data, the NZD/USD has slid all the way back down to pre-data levels near 0.7964.
NZD/USD waffles post NZD data
New Zealand’s retail sales came in nicely higher-than-expected late Tuesday and the news gave the NZD/USD a boost (up to just under 0.7990)– but it turned out to be short-lived. The cross has come all the way back down to pre-data levels near 0.7964 and may now await further guidance from US PPI later on Wednesday.
Technical outlook for NZD/USD
Technicians say the NZD/USD may be eventually headed for a test of the July lows at .7682. Only a close above 0.8057 would negate that short-term bearish call they say. On the way down, first support for NZD/USD comes in at Tuesday’s intraday low at 0.7933 and is followed by an 8/7 pivot at 0.7882. First resistance for NZD/USD comes in at the post-data rip at 0.7990 and is followed by the congestion around 0.8000.
NZD/USD waffles post NZD data
New Zealand’s retail sales came in nicely higher-than-expected late Tuesday and the news gave the NZD/USD a boost (up to just under 0.7990)– but it turned out to be short-lived. The cross has come all the way back down to pre-data levels near 0.7964 and may now await further guidance from US PPI later on Wednesday.
Technical outlook for NZD/USD
Technicians say the NZD/USD may be eventually headed for a test of the July lows at .7682. Only a close above 0.8057 would negate that short-term bearish call they say. On the way down, first support for NZD/USD comes in at Tuesday’s intraday low at 0.7933 and is followed by an 8/7 pivot at 0.7882. First resistance for NZD/USD comes in at the post-data rip at 0.7990 and is followed by the congestion around 0.8000.